For some economists, it is hard to refute the validity of the war-induced theory of business cycles because for World War I, World War II, and the Korean War, the war- induced expansion came
a. when the economy was in the upswing or peak phase of an already existing cycle
b. when the economy was in the upswing or trough phase of an already existing cycle
c. when the economy was in the downswing or trough phase of an already existing cycle
d. when the war was already over, causing a downswing in an already existing cycle
e. in the aftermath of each war
C
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Ceteris paribus, if an 6% increase in quantity supplied is caused by an 8% increase in price, then: a. supply is elastic
b. supply is unit elastic. c. supply is inelastic. d. the supply curve is perfectly vertical.
A firm's labor demand curve shows the relationship between the
a. wage rate and the quantity of labor supplied b. marginal revenue product of labor and the marginal product of labor c. wage rate and the quantity of labor demanded d. marginal product of labor and the quantity of labor demanded e. wage rate and the quantity demanded of the good produced by labor
The FTC is
A) the act that prevents producers from driving out smaller competitors by means of selected discriminatory price cuts. B) the commission that investigates unfair competitive practices such as misleading advertising. C) an agency which has been set up to regulate the federal government. D) the agency set up to regulate hospitals.
How can changes over time of the average height of the people in a country help to indicate the standard of living in a country?
What will be an ideal response?